Press release
Autonomous Navigation Market Expected to Grow to $10.89 Billion in 2028 at a CAGR of 19.6% within Forecast Period 2024-2033 | Honeywell International Inc., Thales Group, Raytheon Company
Autonomous Navigation Market Report
The Business Research Company presents an extensive market research report on the Autonomous Navigation Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The autonomous navigation market size has grown rapidly in recent years. It will grow from $4.46 billion in 2023 to $5.33 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to development of ai and machine learning, global positioning systems (gps) evolution, regulatory support and frameworks, automotive industry growth, rise in demand for automation.
The autonomous navigation market size is expected to see rapid growth in the next few years. It will grow to $10.89 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to safety and efficiency priorities, continued automotive industry innovation, regulatory and policy frameworks, enhanced positioning systems. Major trends in the forecast period include regulatory environment and standards, cost reduction strategies, safety and risk mitigation, industry-specific applications..
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Key Market Players:
Major companies operating in the autonomous navigation market report are Honeywell International Inc., Thales Group, Raytheon Company, Northrop Grumman Corporation, Furuno Electric Co Ltd., Moog Inc., Rolls-Royce Holdings plc, Kongsberg Group, Trimble Inc., ABB Ltd., RH Marine Group, Safran S.A, General Dynamics Corporation, L3 Technologies Inc., Collins Aerospace, Activ Surgical, Albora Technologies Limited, Starfish Space, Blickfeld, Caterpillar Inc., Charles River Analytics, Elbit Systems, Ghost Robotics, Fixposition AG, Xona Space Systems, Blue River Technology, Brain Corp., Clearpath Robotics, Embark Trucks, Fetch Robotics
Market Drivers:
High demand for robots is expected to propel the growth of the autonomous navigation market going forward. Robots refer to any autonomously run system that substitutes human effort. Robot helps workers from dangerous activities by allowing them to manoeuvre without clashing with impediments and remain focused on several interventions. Such benefits from robots have increased the demand for autonomous navigation system to attain such crucial functionalities. For instance, in October 2022, according to a report released by the International Federation of Robotics, industrial robot sales returned rapidly in 2021 with globally, 384000 units were shipped. The global robot installations are expected to rebound strongly and grow by 13% to 435, 000 units in 2021. Additionally, America's sales increased by 27% to 44, 300 units sold. Asia and Australia saw the most growth in demand, with installations climbing 33% to 354, 500 units. Therefore, the high demand for robots will drive the development of the autonomous navigation market.
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https://www.thebusinessresearchcompany.com/report/autonomous-navigation-global-market-report
The autonomous navigation market covered in this report is segmented -
1) By Solution: Sensing System, Software, Processing Unit
2) By Platform: Airborne, Land, Space, Marine, Weapon
3) By Application: Commercial, Military and Government
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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